Prime Minister Sitiveni Rabuka has announced that the Cabinet has approved national consultations with key stakeholders regarding the proposed restructuring of the Bank of South Pacific (BSP) Fiji and the draft BSP Fiji Bill 2024.
In a statement from the Prime Minister’s office, Rabuka explained that the Bank of South Pacific Financial Group Limited (BSP Group), the parent company, aims to reorganize BSP Financial Group Limited – Fiji (BSP Fiji) by transforming its Fiji branch operations into a subsidiary.
Rabuka noted that this move aligns with recent trends in global corporate financial structures and aims to improve operational efficiencies. BSP Fiji plans to implement this restructuring through legislation, which will involve transferring its existing business to the newly established subsidiary.